Ventura Trust Attorneys
Estate Planning in California
In estate planning, a trust can be established to easily transfer property and other assets to heirs after your passing. It not only sets forth your right to control your assets for as long as you are able, it also names the person that you want to control your assets should you become incapacitated. A properly structured revocable living trust, for example, can provide for your surviving spouse while still protecting the interests of your children.
At Zahn Law Office, our Ventura estate planning attorneys provide full assistance with drafting trusts by helping your family activate the trust, and then protect it by ensuring that all necessary procedures and laws are followed. If you want to learn more about the different types of trusts available and which ones may be appropriate for you, check out the information below:
- A revocable trust can be revoked or altered for the duration of your life, and is therefore treated as part of your estate and subject to taxation. After your death, the revocable trust automatically becomes irrevocable and its terms are carried out to your wishes.
- An irrevocable trust carries certain tax and other financial benefits, therefore its terms may not be altered nor may the trust itself be revoked. If an issue with your irrevocable trust comes up, an attorney may need to use different strategies for modifying the trust, or otherwise initiate trust litigation.
- You may create a living trust during your lifetime to earn certain financial benefits, avoid certain taxes or maintain financial privacy. A living trust is a commonly used tool to avoid probate.
- A generation-skipping trust allows you to skip a generation when designating your beneficiaries for tax exemption.
- A Qualified Personal Residence Trust (QPRT) is an irrevocable trust that allows you to gift your home to a beneficiary with a low gift tax value.
- A life insurance trust is an irrevocable trust that allows your beneficiaries to receive your life insurance benefits without expensive estate taxes.
- A charitable trust designates a certain portion of your estate for one or more charitable organizations. This allows you to enjoy significant tax breaks.
- If you have a pet, a pet trust allows you to arrange for its care if you die or become incapable of caring for it.
Forming a trust is a great way to protect your assets and make sure your loved ones are provided for after your passing. Call (805) 804-9100 and arrange for a comprehensive consultation with a Ventura estate planning attorney at Zahn Law Office today. We serve clients in Woodland Hills, Encino, Tarzana, Calabasas, Northridge, Los Angeles, Westlake Village, Thousand Oaks, Simi Valley, and more.